SKMT & Meezan Bank Sign MOU for Shariah Compliance

The Shaukat Khanum Memorial Trust (SKMT) and Meezan Bank today signed a Memorandum of Understanding (MoU) to assist SKMT in implementing a Shariah compliance framework for collection, utilisation, and management of Zakat Funds. The MoU was signed in Karachi by Dr Muhammed Aasim Yusuf, Acting CEO of the Shaukat Khanum Memorial Trust (SKMT), and Mr. Irfan Siddiqui, President & CEO of Meezan Bank Limited (MBL). The MoU with MBL, Pakistan’s largest Islamic bank, signifies roll out of a comprehensive Shariah compliance framework at SKMT for the collection, utilisation, and management of Zakat funds in line with Islamic principles.

This will provide added comfort to individuals as well as to organisations wishing to satisfy themselves that Zakat utilisation by SKMT has been and continues to be in accordance with Islamic principles. The Shariah Compliance Framework would be implemented under the guidance of Mufti Omais Muhammad Alam, an independent qualified Shariah Scholar, with expertise in Islamic Finance and Zakat related issues.

On this occasion, Dr Aasim Yusuf said, “As Ramzan approaches, I would like to urge people to support SKMT’s mission of providing equitable access to quality treatment to all patients. At SKMT, we treat Zakat as a sacred trust, and have always taken all possible steps to ensure that the utilisation of Zakat complies with Islamic injunctions regarding utilisation for Zakat-eligible patients.

We hope that our supporters will continue to donate generously with renewed confidence, enabling us to offer world class treatment to thousands of deserving cancer patients at our hospitals in Lahore and Peshawar, where we continue to treat more than 75% of our patients free of charge, but also at our third, and Pakistan’s largest, Shaukat Khanum Memorial Cancer Hospital, currently under construction in Karachi, which is expected to open to patients at the end of 2023.”

Mr. Irfan Siddiqui also appreciated SKMT’s initiative for implementation of Shariah Compliance Framework and said, “Implementation of Shariah compliance framework by SKMT is a step in the right direction which will provide added comfort to the donors who wish to fulfil their religious obligations with utmost satisfaction. Meezan Bank as the biggest Islamic Bank has always supported institutes like SKMT in promotion of their noble cause and will continue to do so in future as well.”